The Global EV battery market is expected to grow up to $25B by the end of 2022.
The CAGR is 7%, and by 2026 the global EV battery market will reach $33 billion.
The global EV battery market is expected to grow from $23.74 billion in 2021 to $25.43 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The market is expected to reach $33.26 billion in 2026 at a CAGR of 6.9%.
Major players in the electric vehicle batteries market are Panasonic Corporation, Mitsubishi Motors Corporation, Beijing Pride New Energy Battery Technology Co. Ltd, Automotive Energy Supply Corporation, BYD Company Ltd, Daimler AG, Robert Bosch GmbH, SAMSUNG SDI CO, Tianneng Power International Co. Ltd, and Johnson Controls.
The electric vehicle batteries market consists of sales of electric vehicle batteries. EV batteries are used to power electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they don’t emit any harmful gases which cause damage to the environment.
Advances in EV batteries and their associated technologies are attracting the interest of individuals to purchase EVs, contributing to the growth of EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped electric cars become more passenger-friendly. According to the United States Department of Energy, the range of the average electric car has increased from 117 km in 2011 to 640 km in 2021.
Moreover, technological developments are contributing to reduced prices of electronic batteries. According to the Bloomberg report, battery prices that were above USD 1,100 in 2010 have fallen by 87% to $156 per kilowatt-hour in 2019 and are likely to decline to $100 per kilowatt-hour by the end of 2023. Therefore, the advances in electronic batteries and their associated technologies increase the mileage of the vehicle and draw more customers driving the electronic battery market.
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